Xpring, Ripple’s tech incubator and investment department, recently announced that it has formalized a strategic investment with Flare Network.
In its announcement, Xpring noted that Flare Network had the first Turing Complete Federated Byzantine Agreement (FBA). It also emphasized that the network incorporates the Ethereum Virtual Machine. The system enables private and/or public networks to influence smart contracts.
Smart Contract Platform
Flare Network doesn’t need possible unscalable financial incentives to assure network safety. It’s similar to the XRP Ledger (XRPL) in this regard. The company believes that developing a smart contract platform powered by the FBA protocol will break free from the current unscalable economic model many companies use.
Xpring also explained how the network’s token is an algorithmic-based stablecoin developed partly by burning XRP. It also mentioned that payments for a smart contract can be given and received in XRP through Interledger. This will them be incorporated with Flare.
The company also said that Flare will utilize the XRP’s address and encryption system. This will give users an essentially flawless way of engaging with smart contracts on the Flare Network.
Ripple’s investment arm believes that developers and users alike would prefer to leverage XRP in new use cases. Flare will ensure that more designers and companies will have this capability.
Wealth of Resources and Partners
Flare Network also made its own announcement regarding its partnership with Ripple and Xpring. In its first ever blog post, the company shared that its investment and collaboration with Xpring will allow them to deliver a “wealth of resources and partners” that will improve and expand the Xpring, XRP, and Flare ecosystems.
The blockchain network, which has been in development for more than two years, is touted to be permission-less, open, and Turing complete. It also has flexible trust, fair ordering, and fast finality.
The network is also reportedly set to release a whitepaper on draft token. The document will discuss the creation and decentralized management of Flare’s stablecoin.
At present, Flare is in the testing phase with several of its early partners like BuenoBit, Neuhanse Network, Securitize, and Singularity. More partners are expected to be announced later.
Ripple and Xpring has been prominently in the news recently due to its acquisitions and investments. Xpring revealed last month that it has a stake in startup Towo Labs. The Sweden-based crypto firm was tapped to develop hardware wallet firmware. It’s also set to design another version of the XRP Toolkit that will support all types of XRP Ledger transactions and non-custodial interfaces.